According to crypto analyst Lark Davis, also known as “TheCryptoLark” on X, Bitcoin has surged by 356% since hitting this cycle’s low. Davis pointed out that this current price increase mirrors what was seen in the previous two market cycles, with gains of 351% and 361% seen at similar points in those cycles. Glassnode’s analysis also supports this view, noting that Bitcoin’s market cap has grown by over $1.13 trillion, or +370%, since reaching its all-time high in March 2024 from the cycle low in November 2022. The total market capitalization of digital assets now stands at around $2.56 trillion, with Bitcoin representing more than half at $1.33 trillion.
Bitcoin has remained the dominant digital asset for the past 16 years, accounting for over 52.7% of the total industry value. Glassnode’s recent analysis examines Bitcoin’s price performance following the last four halving events, highlighting similarities between the 2016 and 2020 cycles. The 2024 market has followed a similar pattern post-halving, with prices fluctuating within a small range. Compared to previous bull markets, the current uptrend has experienced relatively minor corrections, with a 20.3% decline from the recent high being the most significant drop since November 2022. Previous cycles saw much deeper corrections ranging from 25% to 63%.
As of the latest update, Bitcoin’s price had decreased by 2.32% in the past 24 hours, reaching $57,280.